Dan Brooks discusses navigating the hidden risks in retirement planning.
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-dan-brooks-founder-of-xexis-private-wealth-discussing-things-your-current-advisors-havent-explained-that-could-negatively-impact-your-retirement/
Financial advisors may unintentionally neglect to fully explain certain aspects of retirement planning, not necessarily out of malice but due to a lack of expertise or restrictions from their firms. In a podcast episode, Dan Brooks, the founder of Xexis Private Wealth, highlighted that advisors may not intentionally leave out crucial information that could impact retirement planning negatively.
He mentioned that advisors working for big financial firms are often limited by the firm’s guidelines and may not have the freedom to provide comprehensive advice to their clients. This limitation can result in clients not being informed about all the available options or potential risks associated with their retirement plans.
Furthermore, Dan emphasized that advisors may lack expertise in certain areas of retirement planning, leading to gaps in the advice they provide. For example, some advisors may focus on specific aspects of financial planning, such as investments, while neglecting other critical areas like estate planning or tax implications. This specialization can result in clients not receiving a holistic and well-rounded retirement plan that addresses all their needs and concerns.
Moreover, Dan pointed out that some advisors may not have the necessary training or experience to fully understand the implications of their recommendations. He shared a personal anecdote where he realized the shortcomings of the advice he provided earlier in his career when he worked for a large financial firm. This lack of awareness can lead to clients not being fully informed about the potential risks, fees, or consequences of their financial decisions.
Dan said: “Many times their training doesn’t include the comprehensive advice that you could be receiving. So when people ask me, how would I know what I don’t know? That’s a scary thought. It is, and it’s true of all of us. We don’t know what we don’t know. But in the financial planning, and retirement planning arena, there are some ways to put the odds in your favor.”
Video Link: https://www.youtube.com/embed/eP1LnYtAaLU
About Dan Brooks
Dan entered the U.S. Navy’s Nuclear Power program after high school and upon discharge, he purchased the family business which he operated for 7 years.
After his father’s death, he discovered his father lost a small fortune due to bad advice from a stock broker. Dan decided to enter financial services to find out how this could happen and help others avoid it.
In 2004 he completed the Certified Financial Planner coursework and in 2005 opened a Registered Investment Advisor firm.
He owns both a Financial Advisor firm and a tax firm based in Lake Mary, Florida. Dan works with a Registered Investment Advisor firm that manages over $3 billion dollars and is one of the fastest-growing firms in the nation.
Dan’s specialty is comprehensive retirement planning, including income planning, tax mitigation, catastrophic health care planning, Medicare, Estate Planning, and Generational Wealth.
On a personal level, his proudest accomplishment was being a single father to his daughter, who is a Police Officer. He enjoys golf, hiking, traveling, cooking, and discovering new restaurants.
Learn More:
Recent news and interviews:
- Dan Brooks Discusses Understanding Critical Concerns of Retirement Planning:
- Dan Brooks Discusses The Tax Implications of Large Retirement Accounts:
Investment advisory services offered through Virtue Capital Management, LLC (VCM), a registered investment advisor. VCM and Xexis Private Wealth, LLC are independent of each other. For a complete description of investment risks, fees, and services, review the Virtue Capital Management firm brochure (ADV Part 2A) which is available from your Investment Advisor Representative, or by contacting Virtue Capital Management. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional.
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